I've seen this look, on the runway and on the street, and it's generally crap. (I say generally because some guys can get away with anything and still look the part.) It's sort of like the hoodie under a sportscoat, but with the contrasts taken to an extreme - a *little* too far. Which is to say, the contrast is both not "classic" enough (for example, a plain neutral hoodie under a highly textured western (very casual) sportsjacket, nor outre enough (I can't think of anything right now, but I'm sure Vivienne Westwood could) to work. Anyway, I think that the look is "Village people semi-formal".